Hong Kong stocks rise on high hopes for US-China trade talks
Trade deal between the US and the EU includes a 15 per cent tariff on European goods entering the US
The Hang Seng Index rose 0.7 per cent to 25,662.13 at the close on Monday, while the Hang Seng Tech Index dropped 0.2 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index gained at least 0.1 per cent.
AIA Group led insurers after Morgan Stanley boosted its price target on the sector. AIA rose 5 per cent to HK$74.05 after the investment bank raised its price target to HK$96, citing solid growth in the value of its new business. Ping An Insurance Group added 3.5 per cent to HK$56.40 and China Life Insurance rallied 1.8 per cent to HK$23.15.
CK Hutchison Holdings advanced by as much as 2.2 per cent after saying a mainland Chinese strategic investor would join a group seeking to buy its port assets. Its gains later faded and shares finished at HK$53.